Utilisation of credit carry forwarded under GST

[Guest]

Sir,

Can we utilize the credit carry forwarded under GST in the first month itself or is there any time period to defer?

Is there any time limit to utilize the credit carry forwarded?

[DR.MARIAPPAN GOVINDARAJAN]

First you have to transfer the credit to the new regime and after that if it is eligible to utilize under GST laws you can utilized as per the provisions of GST Act and rules made there under.

[Himansu Sekhar]

No such restriction appears to have been imposed so far

[sachin shilamkar]

We have old stock more than one year can we be able to carry forward cenvat credit on the same after implementation of GST. What are the eligibility criteria to get setoff under GST.

AI Summary

Transfer of input tax credit: migrate carried-forward credit to the new GST regime before utilisation under GST rules. Transfer of credit to the new GST regime is required before any utilisation of carried-forward credit; after migration, carried-forward credit may be utilised only in accordance with GST Act provisions and rules. The excerpt notes no explicit time limit on utilisation but raises questions about eligibility for setoff in relation to older stock and transitional eligibility criteria.